Singapore Telecom (SingTel) and Bharti Enterprises, the top two shareholders of Bharti Airtel, will have the first right to buy the stake acquired by Singapore government's investment arm Temasek in the mobile company.
Temasek has been granted an option to indirectly acquire 4.99% in Bharti Airtel.SingTel, which owns 30% in Bharti Airtel, today said it along with Bharti Enterprises have the first right of refusal to the shares bought by Temasek in the mobile firm.
"Should Temasek decide to exercise its option to purchase the shares from Bharti and should Temasek decide to sell these shares thereafter, Bharti and Singtel have the first rights," a SingTel spokesperson told PTI.
A Bharti spokesperson said Temasek, after it exercises the option to acquire the stake in Bharti Airtel, will be bound under the agreement that at the time of exit it has to sell these shares to either one or both Bharti and SingTel. It cannnot sell the stake to any third party.
Read more in The Business Standard article.
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